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Refinancing Your Home Loan? When Should You Refinance Your Home?
If you have a current mortgage and are unhappy with the interest rate or the amount of the monthly payments, it is possible to refinance your home and eliminate your problems. But before you call your lender, there are some questions that you should ask yourself in order to determine whether or not it's the right time for refinancing your mortgage loan. The first question that you should ask yourself is if you have the cash on hand to pay the fees. Depending on the amount of your mortgage, and the specific fees that your lender will charge, you could pay anywhere from a couple of hundreds dollars to a few thousand. Be sure that you're financially ready for the move before applying for the loan. Next, you should take a look at the current interest rates compared to the ones on your existing mortgage, and then decide whether or not a refinance would help your situation. For example, if you have an ARM mortgage, and the interest rates are at an all-time low, you might want to refinance your loan and turn it into a fixed rate so your payments won't go up again as rates rise. In addition, if you have a fixed rate, but bought your home when interest rates were higher, you might want to refinance in order to lower yours. If you find yourself with a lot extra debt, you could take advantage of a cash-out refinance loan. With this type of loan, you add on an amount to your home loan, refinance the entire thing at a lower interest rate, and then take the "extra" money out and pay off your debt. This will allow you to reduce the amount of debt you owe (because the interest rate will be lower), and at the same time, reduce the amount of the monthly payment. Most experts agree that you shouldn't go to the trouble or expense of refinancing your home if you don't intend to stay in it for at least three years. Otherwise the cost of the process would likely be more than the overall savings. To view our recommended sources for mortgage refinance loans, visit: Recommended Refinance Mortgage Lenders Online Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and the latest news about various types of loans.
MORE RESOURCES: Jeff Bezos' secret $190M Seattle real estate empire revealed Business Insider I'm a Real Estate Investor: Don't Pay Off Student Loan Debt — Buy Properties Instead - Yahoo Finance Real Estate Transfers ~ through Nov. 23 The Bedford Citizen Francisco Real Estate: Why Homeowners are Selling at a Loss The San Francisco Standard New Legislation Proposes to Take Wall Street Out of the Housing Market The New York Times Dodge County real estate transfers Fremont Tribune RNR Real Estate Briefs – Texas & more Realty News Report Eastern U.P. real estate remains stable despite shifting national trends Sault Ste. Marie Evening News Real estate transfers: Dec. 8, 2023 RiverheadLOCAL Real Estate Transfers: August 1 - 15, 2023 The Owensboro Times Real Estate Sales Include Wealth Management Center Complex, Ranch For Vets Jamestown Post Journal Real estate: Foreign LLC buys Pizza Hut property in Perry Township Massillon Independent How a Kitchen Refresh Can Help Close a Real Estate Deal How a team approach brings sales, success Behind The Hedges Real estate records, 12/10 Lincoln Journal Star McColly Real Estate Holiday Celebration 2023 | LaPorteCounty.Life LaPorteCounty Life Massachusetts real estate transactions for Hampden, Hampshire and Franklin counties Dec. 10, 2023 edition MassLive.com OT Real Estate Spotlight of the Week: 4404 Fairbairn Court The Owensboro Times PTK spotlight: 50 commercial real estate projects to know in 2024 Arizona Big Media Real Estate Transactions for Dec. 9-10 | News, Sports, Jobs Nashua Telegraph XPO buys Yellow's Real Estate For $870 Million The Real Deal I'm a Real Estate Investor: Don't Pay Off Student Loan Debt -- Buy Properties Instead GOBankingRates NJ real estate: $20M Alpine mansion for sale. 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